Final answer:
Arrow's Impossibility Theorem asserts no social welfare function can convert individual preferences into a collective decision that meets all fairness criteria, implicating limitations of voting systems.
Step-by-step explanation:
The student's question refers to Arrow's Impossibility Theorem, which is stated by economist Kenneth Arrow in 1953. Arrow's theorem highlights a paradox in social choice theory, asserting that it is impossible to formulate a social welfare function that satisfies certain fairness criteria when converting individual preferences into a collective decision. These criteria include unrestricted domain, non-imposition, non-dictatorship, and independence of irrelevant alternatives. Options from his statement involve exploring various voting systems and understanding their limitations and potential in manifesting the collective will in a fair manner.